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On December 31,2024, capital balances of the partners in Shelby Charters are C.12-1Murphy $45,000; M....

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Accounting

On December 31,2024, capital balances of the partners in Shelby Charters are C.12-1Murphy $45,000; M. Knight $35,000; and T. Shelby $25,000. The partners share profit in a 5:3:2 ratio, respectively.Shelby decides that she is going to leave the partnership. Assume that Shelby receives cash from the partnership when she withdraws. Journalize the withdrawal of Shelby if she receives (a) $35,000 cash, and (b) $20,000 cash.12-3Journalize final cash distribution in liquidation.

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